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Severing an exclusive deal with the warehouse retailer has swiped some $8 billion in market value from the card company. Gains at MasterCard and Visa offset only part of that, note Rob Cox and Stephanie Rogan of Reuters Breakingviews.

The panel, known as the President's Council on Jobs and Competitiveness, had a two-year mandate, which expired on Thursday. The administration chose not to renew it, saying that the president would find new ways to reach out to business executives.